PTSB: Supporting you throughout your home buying journey

When it comes to buying a house, PTSB is here to support you at every stage of your journey. Whether you’re just getting started saving for your deposit or have found your dream house and need mortgage approval, PTSB’s dedicated mortgage team is here to help.

Support on your savings journey

Getting started saving is often the hardest part. To support you on your savings journey, we’ve put together our Top Tips for Saving your Deposit over on our blog. As a general rule of thumb, you will need a deposit of at least 10% of the house price as a First Time Buyer and a Second Time Buyer, but we’ll take you through all the requirements during your mortgage appointment. You’ll want to get into the habit of saving a regular amount every month to demonstrate your repayment ability. Through paying rent or saving the equivalent of your monthly mortgage repayment amount, you can show that you can repay your proposed mortgage repayment.

So if you’re ready to get started on your savings journey, we’ve got you covered with Our Top Savings Tips over on our Blog, where you’ll find practical hints ranging from keeping a diary of your day-to-day expenses in order to understand your outgoings, to opening a savings account to help show your ability to repay your mortgage. We’ve also outlined all those Extra things you’ll need to Save for such as Stamp Duty and Solicitor’s Fees so you can be as prepared as possible and factor in all the extra bits and pieces that will go towards getting you the keys to your new home.

Help figuring out your budget

Before you start the process of searching for your first home, it’s a good idea to figure out what your home buying budget will be. 

Our handy Mortgage Calculator tool can help you figure out how much you could borrow and what your monthly repayments would be and give you a good steer. It’s also a good idea to chat to one of our Mortgage Consultants who can talk you through your options and give you an idea of how much you can borrow.

Helping you with your mortgage application

As a First Time Buyer, buying your first home and applying for a mortgage can be a daunting experience. When you’re ready to apply for your mortgage, we’re ready to help you. Book a mortgage appointment and we can work with you to help you complete the application form and gather the Supporting Documents for example your bank statements and employment details. Or you now have the option to start, and track the progress of, your mortgage journey online with our new mortgage portal. If you start your application online, you will still have the option to meet a Mortgage Consultant in person.

Once you’ve completed your application and it’s been submitted to our Credit Team for review, we’ll work hard in the background to give you Mortgage Credit Approval within 72 hours so that you can make that dream home a reality.

Preparing you for the house search

Once you’ve figured out your home buying budget, you can start the search for your dream home. It’s easy to get distracted by ugly carpets and gaudy bathroom sets, so to help you stay focused, we’ve asked a chartered building surveyor for his Top House Viewing Tips to help you approach your first house viewing like a pro. From spotting the signs of damp to evaluating cracks in the wall, head over to our blog to ensure you know what to look out for.

Many Estate Agents have adapted to our ‘new normal’ and are offering virtual viewings to help you find your new home. While we understand how important it is to get a feel for the house in person, virtual viewings are also a convenient and immersive way to see key features of the property so we’ve put together Our Top Tips for Virtual Viewings to help you be as prepared as possible.

When viewing a home, you’re essentially competing with every other buyer on the market for those front door keys so be sure you have all the information you need and take every opportunity to chat with the Estate Agent. Whether your aim is to leave a great first impression or discover what the real pros and cons of the property are, we’ve put together our Top Questions for the Estate Agent to put you one step ahead of the competition.

When you’ve finally found your dream home, you’ll need to start thinking about putting in a bid with the Estate Agent. To help you navigate the bidding process, we caught up with a Buyer’s Agent to put together a Bidding for Beginners guide to help you face the competition. From using the property price register to understand what properties are worth in the area to bidding tactics to help you get your final bid over the line, head over to our blog for more tips.

Helping you move from Sale Agreed to Sold

Once you’ve found the perfect house for you, you can let us know when you’re Sale Agreed and we will work with you to get your new home valued by a Property Valuer. This valuation is for your own financial protection and is required for your mortgage application to ensure the house is worth what you are paying for it.

While it’s not a banking requirement, it’s also a good idea to have a professional carry out a structural survey of the property before committing to the purchase as this will give you a more in-depth understanding of the structural state of the house and any repairs that need to be taken into account. Remember, the seller is under no obligation to tell you about any defects so it’s important to do your homework and ensure you’ve got all the information you need.

At this stage you’ll also need to find yourself a solicitor, you could ask a friend or family member to recommend someone they’ve used before and trust. We will issue your solicitor with all the loan information you need to complete the purchase. You will also need to arrange Life Insurance and Home Insurance, again we can help you with this or you can obtain a policy from another provider if you prefer. Once all the contracts are signed, your solicitor will agree a completion date with the house seller and arrange the transfer of funds and collection of the keys to your new home.

Finding your dream house is only the first step in making it your home. To help you get started putting your own stamp on the place, we offer cashback at drawdown as part of our mortgage offer, so you’ll get 2% of your mortgage value back in cash to help you make the place your own. So whether you’ve already picked out your dream couch or have your eye on that flat screen TV, you’ll have your mortgage cashback in your back pocket to get you started.

Wherever you are in your home buying journey we’re here to support you along the way so book an appointment or apply online to start your journey home with us today.

Information correct as of 31st July 2023 but is subject to change.

Lending criteria, terms and conditions apply. Mortgage approval is subject to assessment of suitability and affordability. Applicants must be aged 18 or over. Security and home and life insurance are required. Rates available to new and existing home mortgage customers only. Maximum loan to value is 90%.

For First Time and Second Time Buyers a maximum Loan to Value (LTV) of 90% will apply to a property’s purchase price. The maximum LTV for customers who hold their current mortgage with another bank but wish to switch their mortgage to PTSB while also releasing equity is 85%. Maximum loan amount will typically not exceed 4 times an individual’s gross income for First time Buyers & 3.5 times an individual’s gross income for Second time Buyers. The monthly repayment on a 20 year mortgage with Loan to Value (LTV) greater than 80% with variable borrowing rate of 4.30% on mortgage of €100,000 is €621.90 for 240 months. Total amount repayable is €149,617.11. If interest rates increase by 1% an additional €54.74 would be payable per month. For this example, Annual Percentage Rate of Charge (APRC) of 4.43% applies and consists of variable borrowing rate of 4.30%, valuation fee of €150, Property Registration Authority (PRA) fee of €175, and security vacate fee of €35. Please note – this APRC does not factor in the €6 monthly fee for maintaining the Explore Account.

2% cashback at drawdown will be paid on the amount of the mortgage advanced. 2% cashback at drawdown is paid into the customer’s mortgage paying account (which does not need to be a PTSB account) within 40 working days of mortgage drawdown. The qualifying period (11 January 2016 until 31 March 2024) may be extended as PTSB decides. 2% cashback at drawdown excludes 4 Year Fixed Home Loan New Business Rates, tracker, buy-to-let, negative equity and applicants refinancing an existing PTSB mortgage.

2% cashback monthly will be paid until 31/12/2027. Your monthly mortgage repayment must be made from a PTSB Explore Account and meet qualifying criteria. Only mortgage payments made by Direct Debit from an Explore Account will get the 2% cashback monthly. The Explore Account carries a €6 monthly fee for maintaining the account. Any items that are returned unpaid (including Direct Debits and Standing Orders) will incur the appropriate unpaid item charge and other charges may apply. eStatements only.  If any changes to the billed monthly mortgage repayment are made they must be agreed by both you and PTSB to be eligible for the cashback monthly offer.

If either the Explore Account or the Mortgage is terminated for any reason then the monthly cashback will cease. PTSB retains the right to close the Explore Account as per the General Terms & Conditions. Offer applies to home loans only i.e. excludes buy-to-lets. It should be noted that any change in use of the property from personal use to letting could have tax implications for you.

72 hours starts once your application is completed and submitted for credit assessment during business hours. Excludes weekends. If any documentation is missing or additional information is required to reach a credit decision, we will notify you which may impact the decision time.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: The cost of your monthly repayments may increase.

Warning: If you do not keep up your repayments you may lose your home.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire- purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.

The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.